Fuel prices were hiked for 16 consecutive days, which led to petrol and diesel prices touching highest levels in India

The decreasing trend in fuel prices continued on Monday with the prices of petrol and diesel cut down by 15 paise and 14 paise respectively in New Delhi. It was the sixth consecutive day of cut in fuel prices following the 16-day hike which had shot up the prices to its highest levels in India.

In the updated price notification issued by Indian Oil, petrol was notified to be sold at lower rate of Rs 77.96 per litre from Rs 78.11 of Sunday and diesel at Rs 68.97 per litre, down from Rs 69.11 of the previous day, in the national capital.

Petrol prices remain highest in Mumbai at Rs 85.77 per litre after the drop of 15 paise as compared to Sunday. Diesel price dipped to Rs 73.43 per litre in the financial capital.

In case of highest diesel price, Hyderabad remained on top with Rs 74.97 per litre. Petrol price was fixed at Rs 82.59 per litre here.

The recent reduction in fuel prices follows a consecutive 16-day hike in fuel prices across the country initiated by Oil Marketing Companies (OMCs) post Karnataka Assembly elections, which had led to a cumulative hike of Rs 3.80 per litre in petrol and Rs 3.38 per litre in diesel prices in Delhi.